The office building that housed the CBS London Bureau until a year ago has been knocked down and developers plan to sell 86 apartments in the new building for $50 million dollars each... that's right, $50 million dollars - each.

CBS's letter from "across the pond" looks at the London property market, and strikes an incredulous note.

Some mortgage companies are offering home loans of 5 times an individual or couple's salary, which is a lot of interest to pay. But even if you earn $50,000 a year, the quarter of a million they loan you is unlikely to buy more than a 1 bedroom flat in a fairly insalubrious area of the capital.